Seanergy Maritime Holdings Corp (SHIP) 2026 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. conference call on the second-quarter and first half ended June 30, 2026 financial results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp.

感謝各位女士、先生耐心等候，歡迎參加 Seanergy Maritime Holdings Corp. 針對截至 2026 年 6 月 30 日止第二季及上半年財務業績的電話會議。今天與會者包括公司董事長兼執行長 Stamatios Tsantanis 先生，以及 Seanergy Maritime Holdings Corp. 財務長 Stavros Gyftakis 先生。

(Operator Instructions) Please be advised that this conference call is being recorded today, Thursday, July 30, 2026. The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com. To access today's presentation and listen to the archived audio file, visit the Seanergy website following the Webcast and Presentations section under the Investor Relations page.

（接線員指示）請注意，本次電話會議將於今日（2026 年 7 月 30 日，星期四）錄音存檔。本次電話會議的網路直播存檔將很快於 Seanergy 網站 www.seanergymaritime.com 提供。若要存取今日簡報並收聽存檔音訊檔，請至 Seanergy 網站「投資人關係」頁面下的「Webcast and Presentations」區段。

Please now turn to slide 2 of the presentation. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the second quarter and first half ended June 30, 2026, earnings release, which is available on the Seanergy website again, www.seanergymaritime.com. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead, sir.

現在請翻到簡報第 2 頁。今天的多項發言包含以前瞻性陳述為主，係基於目前的預期。實際結果可能與該等前瞻性陳述所預測的結果有重大差異。關於可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於截至 2026 年 6 月 30 日止第二季及上半年之財報新聞稿，該新聞稿可於 Seanergy 網站（同樣是 www.seanergymaritime.com）取得。現在我想將會議交給今天的其中一位講者——公司董事長兼執行長 Stamatios Tsantanis 先生。先生，請開始。

Thank you, operator, and welcome, everyone. Seanergy delivered a record second quarter, net revenue of $55.7 million, adjusted EBITDA of $41.5 million and adjusted EPS of $1.32. Our fleet earned $32,355 per day, up 63% year-over-year. This is what a pure-play Capesize and Newcastlemax platform does in a strong market without diluting our story in many vessel classes. When the market is strong, we get all the benefit.

謝謝接線員，並歡迎各位。Seanergy 交出創紀錄的第二季表現：淨營收 5,570 萬美元、調整後 EBITDA 4,150 萬美元、調整後每股盈餘（EPS）1.32 美元。我們船隊每日收益 32,355 美元，年增 63%。這正是純粹專注於海岬型（Capesize）與 Newcastlemax 平台在強勁市場中的表現——不把我們的故事稀釋到多種船型。當市場強勁時，我們能獲得全部好處。

For the first six months of 2026, fleet time charter equivalent increased by 69% year-over-year to $28,244 per day. Net revenues increased to $97.8 million. Adjusted EBITDA increased by 165% to almost $70 million and adjusted earnings per share were almost $2, actually $1.96 per share compared to an adjusted loss per share in the prior year period.

2026 年前六個月，船隊期租等效（TCE）較去年同期增加 69%，達到每日 28,244 美元。淨營收增加至 9,780 萬美元。調整後 EBITDA 大增 165%，接近 7,000 萬美元；調整後每股盈餘接近 2 美元，實際為每股 1.96 美元，相較去年同期為調整後每股虧損。

This represents again a record first half performance through our ability to capture the upside of a strong Capesize market while having hedged our downside risk. Looking ahead, the Capesize market prospects for the second half of the year remain constructive based on a resilient commodity demand, constrained effective fleet supply and earnings visibility provided by our forward fixed rate charter coverage.

這再次代表創紀錄的上半年表現，得益於我們在強勁的海岬型市場中把握上行，同時對下行風險進行避險。展望未來，基於具韌性的商品需求、有效船隊供給受限，以及我們透過遠期固定運價租約覆蓋所提供的獲利能見度，今年下半年海岬型市場前景仍偏正面。

Our Board declared a cash dividend of $0.35 per share. That's our 19th consecutive quarterly dividend, which we have delivered through good and bad markets. We have now returned $108 million to shareholders, and we raised the dividend 75% this quarter compared with the previous one.

董事會宣告每股 0.35 美元現金股利。這是我們連續第 19 季發放股利——無論市場好壞，我們都持續發放。我們迄今已向股東返還 1.08 億美元，且本季股利較上一季提高 75%。

Moving to our recent fleet renewal initiatives. Since our last update, we have committed approximately $130 million more to acquire two high-quality Japanese vessels, both expected to join our fleet in 2029. We also completed the sale of the 2010-built Squireship. These transactions advance our disciplined fleet renewal strategy by reallocating capital from older tonnage into modern fuel-efficient assets at delivery points that align well with the next phase of our fleet requirements.

接著談近期的船隊汰舊換新措施。自上次更新以來，我們再承諾投入約 1.30 億美元，收購兩艘高品質日本船舶，兩艘預計皆於 2029 年加入我們船隊。我們也完成出售 2010 年建造的 Squireship。這些交易透過將資本自較老舊船舶重新配置至現代化、燃油效率更佳的資產，並選擇與我們下一階段船隊需求相契合的交付時點，推進了我們紀律嚴謹的船隊更新策略。

Our latest acquisitions include a scrubber-fitted newbuilding Capesize vessel to be built at a first-class Japanese shipyard scheduled for delivery in the first half of 2029 and the modern 2022-built Capesize vessel constructed in Japan with forward delivery expected in the first half of 2029. Our renewal program now represents an aggregate investment of $591 million. Funding is already advanced on competitive terms as will be detailed in a few minutes by Stavros.

我們最新的收購包括：一艘配備洗滌器（scrubber）的新造海岬型船舶，將由一流日本造船廠建造，預計於 2029 年上半年交付；以及一艘現代化的 2022 年建造海岬型船舶，同樣在日本建造，預計於 2029 年上半年遠期交付。我們的更新計畫目前合計投資額達 5.91 億美元。融資已以具競爭力的條件取得進展，稍後 Stavros 將在幾分鐘內詳細說明。

I would also like to highlight the successful completion of our inaugural EUR100 million unsecured corporate bond offering in Greece with demand exceeding the offered amount by more than 2x. Beyond diversifying our funding sources its five-year bullet structure is particularly well matched to the requirements of our fleet investment program.

我也想強調，我們已成功在希臘完成首次 1 億歐元無擔保公司債發行，需求超過發行量逾 2 倍。除分散資金來源外，其五年期一次到期（bullet）結構也特別符合我們船隊投資計畫的需求。

Slide 4, consistent capital returns. Moving on to slide 4. Seanergy has now returned approximately $3.19 per share to our shareholders through 19 consecutive quarterly distributions since launching our dividend program in 2021. This track record reflects our ability to translate strong Capesize market conditions into consistent and meaningful cash returns.

第 4 頁：一致的資本回饋。接著到第 4 頁。自 2021 年啟動股利計畫以來，Seanergy 透過連續 19 季的配息，已向股東返還約每股 3.19 美元。這項紀錄反映我們能將強勁的海岬型市場環境轉化為穩定且具意義的現金回饋。

Our approach is simple, to reward our shareholders every quarter, to keep the balance sheet strong, to invest in modern ships, and we're successfully doing all three at once, a 27% payout, leverage below 50% and $591 million committed to fleet renewal with prompt deliveries. Rewarding our shareholders remains an important priority to us. Slide 5, strong commercial execution and forward earnings visibility.

我們的方法很簡單：每季回饋股東、維持強健的資產負債表、投資現代化船舶，而我們正同時成功做到這三點——配息率 27%、槓桿低於 50%，並已承諾 5.91 億美元用於船隊更新且交付期近。回饋股東仍是我們的重要優先事項。第 5 頁：強勁的商業執行與前瞻獲利能見度。

Turning to slide 5. During the second quarter of 2026, Seanergy achieved a daily time charter equivalent of approximately $32,400, while our average daily TCE for the first 6 months of the year reached $28,200. As the market hedge, we converted a portion of our second quarter days to fixed ahead of the market rise.

翻到第 5 頁。2026 年第二季，Seanergy 的每日期租等效（TCE）約為 32,400 美元，而今年前 6 個月的平均每日 TCE 達到 28,200 美元。作為市場避險，我們在市場上漲前，將第二季部分營運日數轉為固定運價。

That kept us a bit below the index in a quarter where rates spiked considerably. It is obvious that we're trying to protect the downside and keep enough upside to the matter. Our index-linked employment gives us direct participation in the market strength, and we run a very high utilization again in the quarter, which highlights the quality of our technical management.

這使得在運價大幅飆升的季度中，我們的表現略低於指數。很明顯，我們的目標是保護下行，同時保留足夠的上行空間。我們的指數連結租約讓我們能直接參與市場強勢；而且本季我們再次維持非常高的船舶利用率，凸顯我們技術管理的品質。

At the same time, we continue to manage freight rate volatility selectively. Approximately 55% of our ownership days for the second half of 2026 have been converted at an average daily rate of approximately $30,800. This provides earnings visibility and downside protection for our revenue and cash flows while preserving meaningful exposure to further market upside.

同時，我們仍持續以選擇性的方式管理運價波動。2026 年下半年約 55% 的自有船舶營運日已以平均每日約 30,800 美元的水準轉為固定。這為我們的營收與現金流提供獲利能見度與下行保護，同時保留對市場進一步上行的實質曝險。

Our scrubber-equipped ships continue to benefit from favorable fuel spreads, providing another source of earnings enhancement. Another important point is that since 2024, we have invested approximately $37.3 million in environmental upgrades on the existing fleet, vessel improvements and dry dockings.

我們配備洗滌器的船舶持續受惠於有利的燃油價差，提供另一項獲利增強來源。另一個重點是，自 2024 年以來，我們已在現有船隊的環保升級、船舶改善與進塢維修方面投資約 3,730 萬美元。

Having completed the majority of scheduled upgrades in the previous quarters, the company expects only 50 off-hire days approximately for the remainder of 2026 in connection with scheduled dry dockings, vessel repairs and environmental upgrades. Looking further ahead, the superior efficiency of our newbuilding vessels should strengthen their commercial profile and enhance the earnings contribution.

由於前幾季已完成大部分排程升級，公司預期 2026 年剩餘期間，因排程進塢、船舶修理與環保升級所產生的停租天數（off-hire days）約僅 50 天。再往後看，我們新造船舶的卓越效率應可強化其商業競爭力並提升獲利貢獻。

Slide 6, fleet renewal program with prompt deliveries. To date, we have contracted 7 modern eco-design Capesize newbuildings with deliveries in 2027 until 2029 and agreed to acquire 2022-built modern Capesize Japanese-built with delivery also in 2029 and sold 3 older vessels. Together, these transactions advance both the growth and renewal of our fleet, improving its age profile, fuel efficiency and long-term earnings capacity.

第 6 頁：船隊更新計畫與近期交付。迄今為止，我們已簽約 7 艘現代化節能設計（eco-design）的海岬型新造船，交付期自 2027 年至 2029 年；並同意收購一艘 2022 年建造、現代化且日本建造的海岬型船舶，亦於 2029 年交付；同時出售 3 艘較老舊船舶。這些交易共同推進船隊的成長與更新，改善船齡結構、燃油效率與長期獲利能力。

Importantly, four of the eight vessels are scheduled to be delivered to our fleet within 2027, allowing us to meaningfully increase the earnings contribution of our renewed fleet beginning next year. We have now finalized long-term time charters for the three 2027 delivery newbuildings being constructed in China with leading global counterparties, and I'm talking four to five years.

重要的是，八艘船中有四艘預計於 2027 年交付至我們船隊，使我們能自明年起顯著提升更新後船隊的獲利貢獻。我們已為三艘將於 2027 年交付、在中國建造的新造船，與全球領先的交易對手敲定長期期租合約，我指的是四到五年期。

The structure is very straightforward, floor of $23,100 a day, which covers our cash breakeven from day 1. Above the floor, we earn a premium over the BCI 5TC index up to about $29,750. Above that, we keep half the upside. Therefore, downside is covered while upside is retained. This is another validation of the commercial appeal of our newbuildings as it materially reduces the execution risk associated with the initial phase of our fleet renewal program.

其結構非常直接：每日保底 23,100 美元，從第一天起即可覆蓋我們的現金損益兩平點（cash breakeven）。高於保底後，我們可在約 29,750 美元之前，賺取相對 BCI 5TC 指數的溢價；再高於該水準，我們保留一半的上行。因此，下行獲得保障、上行仍可保留。這也再次驗證我們新造船的商業吸引力，因其大幅降低了船隊更新計畫初期階段的執行風險。

Stavros will discuss the financing implications in greater detail, but the combination of attractive charter coverage, competitive financing and prompt delivery positions materially strengthens the expected return profile of these investments. I will now pass the call to Stavros for a review of our financial performance, balance sheet highlights and financing framework supporting our fleet renewal program. Stavros, please go ahead.

Stavros 將更詳細說明融資影響，但具吸引力的租約覆蓋、具競爭力的融資與近期交付的組合，將實質強化這些投資的預期報酬輪廓。接下來我把電話交給 Stavros，請他回顧我們的財務表現、資產負債表重點，以及支持船隊更新計畫的融資架構。Stavros，請開始。

Thank you, Stamatios, and welcome to everyone joining today's call. Let's begin with slide 7. I will review our financial performance for the second quarter and first half of 2026, followed by an update on liquidity, leverage and growth funding. As Stamatios highlighted, the second quarter and the first half of 2026 marked the strongest financial performance in Seanergy's recent history.

謝謝你，Stamatios，也歡迎所有參加今天電話會議的各位。我們從第 7 頁開始。我將回顧 2026 年第二季及上半年的財務表現，接著更新流動性、槓桿與成長資金來源。如 Stamatios 所強調，2026 年第二季與上半年是 Seanergy 近年來最強勁的財務表現。

These results reflect the favorable Capesize market environment, disciplined commercial execution and the operating leverage of our pure-play platform. For the second quarter of 2026, net revenues increased to $55.7 million from $37.5 million in the prior year period. Adjusted EBITDA more than doubled to $41.5 million, while net income and adjusted net income reached $26.2 million and $28.5 million, respectively.

這些結果反映了有利的海岬型船市場環境、嚴謹的商業執行力，以及我們純海岬型平台的營運槓桿。2026 年第二季，淨營收由去年同期的 3,750 萬美元增加至 5,570 萬美元。調整後 EBITDA 較去年同期增加逾一倍至 4,150 萬美元，而淨利與調整後淨利分別達到 2,620 萬美元與 2,850 萬美元。

GAAP EPS was $1.21 and adjusted EPS was $1.32. Our fleet achieved a daily TCE of $32,400, representing a 63% year-over-year increase. This strong momentum extended into our first half results. Net revenues reached $97.8 million, while adjusted EBITDA increased by 165% year-over-year to $69.6 million.

依 GAAP 計算的每股盈餘（EPS）為 1.21 美元，調整後 EPS 為 1.32 美元。我們船隊的日均 TCE 達 32,400 美元，年增 63%。這股強勁動能亦延續至上半年表現。淨營收達 9,780 萬美元，而調整後 EBITDA 年增 165% 至 6,960 萬美元。

We reported net income of $35.9 million and adjusted net income of $42 million compared to losses in the prior year period. GAAP EPS was $1.67, while adjusted EPS reached $1.96. Turning to our balance sheet. We ended the quarter with $59.5 million of cash and restricted cash equivalent to approximately $3.3 million per operating vessel.

我們申報淨利 3,590 萬美元、調整後淨利 4,200 萬美元，相較去年同期為虧損。依 GAAP 計算的 EPS 為 1.67 美元，而調整後 EPS 達 1.96 美元。接著談資產負債表。我們於季末持有 5,950 萬美元現金及受限制現金，約相當於每艘營運船舶 330 萬美元。

This liquidity position was maintained despite investing approximately $73 million in newbuilding installments and fleet renewal initiatives during the first half of the year, while remaining consistent on the dividend front. At the same time, our debt-to-capital ratio remained below 50% maintaining prudent leverage while executing the largest investment program in our history demonstrates the good standing of our balance sheet and provides the flexibility required to complete our fleet renewal program.

儘管我們在上半年投入約 7,300 萬美元於新造船分期款與船隊汰舊換新計畫，同時在股利方面維持一致性，仍維持了此一流動性水位。與此同時，我們的負債對資本比率仍低於 50%。在執行公司史上最大投資計畫的同時仍維持審慎槓桿，顯示我們資產負債表的良好狀況，並提供完成船隊更新計畫所需的彈性。

Now turning to slide 8. We will highlight the quality of our earnings and the resulting strength of our cash flow generation. Our fleet achieved a daily TCE of $28,244 during the first half of 2026, increased by 69% year-over-year. Our index-linked exposure allowed us to participate directly in market strength, while selective fixed rate conversions helped to manage volatility and improve earnings visibility.

現在請看第 8 頁。我們將強調獲利品質以及由此帶來的現金流創造能力。我們船隊於 2026 年上半年達成日均 TCE 28,244 美元，年增 69%。我們與指數連動的曝險使我們能直接參與市場走強，而選擇性地轉換為固定費率則有助於管理波動並提升獲利能見度。

Now the adjusted EBITDA at $69.6 million represents a margin of approximately 70%, while operating cash flow margin was approximately 44% -- these figures demonstrate the efficiency with which revenues convert into operating cash flow. Adjusted EPS of $1.32 for the second quarter and $1.96 for the first half of the year provides strong coverage for the quarterly dividend while supporting the continued funding of our fleet renewal program.

目前調整後 EBITDA 為 6,960 萬美元，代表約 70% 的利潤率，而營運現金流利潤率約為 44%——這些數據顯示營收轉化為營運現金流的效率。第二季調整後 EPS 為 1.32 美元、上半年為 1.96 美元，對季度股利提供強勁覆蓋，同時支持持續投入船隊更新計畫的資金需求。

Turning to slide 9, which summarizes our leverage position and the financing framework supporting our fleet renewal program. As of June 30, 2026, total debt, including finance lease liabilities, stood at approximately $299 million, corresponding to a fleet loan-to-value ratio of approximately 42% based on independent broker valuations.

接著看第 9 頁，該頁總結我們的槓桿狀況以及支持船隊更新計畫的融資架構。截至 2026 年 6 月 30 日，包含融資租賃負債在內的總負債約為 2.99 億美元；依獨立船舶經紀估值計算，對應的船隊貸款價值比（loan-to-value）約為 42%。

Debt per vessel was approximately $15.7 million compared to an average fleet market value of approximately $37.3 million per vessel, highlighting substantial embedded equity across our fleet. The estimated scrap value of our fleet covers approximately 70% of our outstanding debt, providing downside asset coverage.

每艘船舶負債約 1,570 萬美元，相較每艘船舶平均船隊市值約 3,730 萬美元，凸顯我們船隊具備可觀的隱含股權。估計船隊報廢價值可覆蓋約 70% 的未償債務，提供下行資產保障。

Now at the same time, our weighted average financing margin declined to approximately 2.17%, reflecting the strength of our lender relationships and consistent access to competitive financing. Subsequent to quarter end, we completed our inaugural $100 million unsecured corporate bond offering in Greece. The transaction represents an important enhancement of our capital structure.

同時，我們加權平均融資利差下降至約 2.17%，反映我們與貸方關係的穩健以及持續取得具競爭力融資的能力。於季末後，我們在希臘完成首次 1 億美元無擔保公司債發行。此交易代表我們資本結構的重要強化。

As Stamatios mentioned earlier, the non-amortizing nature is particularly well suited to our newbuilding program, preserving liquidity during the construction and aligning principal repayment with the future cash generation of the new vessels. Now the bond further diversified our financing sources beyond traditional secured bank financing and finance leases and provides financial flexibility as we execute the program.

如 Stamatios 先前提到，該債券不攤還本金的特性特別適合我們的新造船計畫，可在建造期間保留流動性，並使本金償還與新船未來的現金創造能力相匹配。此外，此債券也使我們的融資來源超越傳統的有擔保銀行融資與融資租賃，並在執行計畫時提供財務彈性。

Needless to say, that the all-in cost of 4.9% per annum is extremely attractive given the unsecured nature of the financing. In parallel, we have secured approximately $296.5 million of committed bilateral financing facilities for our newbuilding program with unique characteristics that immunize the financing amounts against adverse movements in the market value of the vessels.

毋庸置疑，考量其無擔保性質，年化全成本 4.9% 極具吸引力。與此同時，我們亦為新造船計畫取得約 2.965 億美元已承諾的雙邊融資額度，且具備獨特特性，可使融資金額免受船舶市值不利變動的影響。

Together with the bond proceeds and existing liquidity, these sources cover approximately 90% of the program's remaining CapEx. Building on the previous slide, turning now to slide number 10, we provide a clearer view of the funding position and payment profile of our fleet renewal program.

結合債券募集資金與既有流動性，這些來源可覆蓋該計畫剩餘資本支出（CapEx）的約 90%。延續上一頁，現在轉到第 10 頁，我們將更清楚呈現船隊更新計畫的資金到位狀況與付款時程。

To date, we have already invested approximately $73 million from our own funds. This is equity participation in the program. Against the remaining installments of approximately $518 million, we have secured $296.5 million of committed bilateral pre- and post-delivery financing, while the recently issued EUR100 million unsecured bond equivalent to approximately $114 million provides an additional pool of flexible non-amortizing capital.

截至目前，我們已自有資金投入約 7,300 萬美元，作為該計畫的股權參與。針對剩餘約 5.18 億美元的分期款，我們已取得 2.965 億美元已承諾的雙邊交船前與交船後融資；而近期發行的 1 億歐元無擔保債券（約當 1.14 億美元）則提供額外一池具彈性且不攤還的資本。

We also have approximately $59.5 million of cash and restricted cash as of June 30, 2026. For the remaining unfunded portion, we have assumed debt capacity, meaning 60% loan-to-value on the market value of the not yet financed vessels of approximately $126 million. On that basis, the entire remaining investment program is prudently covered with additional funding capacity relative to the scheduled installments.

截至 2026 年 6 月 30 日，我們亦持有約 5,950 萬美元現金及受限制現金。對於其餘尚未到位的部分，我們假設可動用負債額度，即對尚未融資船舶的市值採 60% 貸款價值比，約為 1.26 億美元。在此基礎上，整體剩餘投資計畫已以審慎方式獲得覆蓋，且相較既定分期款仍具額外融資容量。

The chart on the right also highlights the staggered nature of the capital commitments. Payments are distributed through the first half of 2029 with the largest installments aligned with the then vessel deliveries. This gives us ample time to arrange the remaining vessel-specific financing.

右側圖表亦凸顯資本承諾的分散特性。付款將分布至 2029 年上半年，最大筆分期款與屆時船舶交付時點相匹配。這讓我們有充裕時間安排其餘各船舶的專案融資。

I would also connect the funding profile to the charter agreements Stamatios described earlier. The 3 2027 newbuildings will enter service under four- to five-year contracts with floor rates expected to cover the vessel breakevens. This establishes a contracted base of cash generation during the initial years of operation and strengthens the debt service profile of the vessels.

我也想把資金配置曲線與 Stamatios 先前提到的租約連結起來。3 艘 2027 年交付的新造船將在投入營運後，簽訂 4 至 5 年期合約，預期其底價（floor rates）可覆蓋船舶損益兩平水準。這在營運初期建立了具合約保障的現金創造基礎，並強化船舶的償債能力輪廓。

At the same time, the commercial structures preserve meaningful earnings upside. Now from a financing and capital allocation perspective, these agreements materially improve the quality and visibility of the cash flow supporting the investment program. They reduced downside risk during the early amortization period, enhance the expected risk-adjusted returns of the vessels and further derisk the execution of the first phase of our fleet renewal strategy.

同時，商業結構仍保留可觀的獲利上行空間。從融資與資本配置角度來看，這些協議實質提升支撐投資計畫之現金流的品質與能見度。它們降低早期攤還期間的下行風險，提升船舶預期的風險調整後報酬，並進一步降低我們船隊更新策略第一階段執行的不確定性。

In summary, the principal funding sources are substantially secured. The remaining capital commitments are staggered and 3 2027 deliveries now have multiyear commercial coverage at levels expected to protect their cash breakevens. Together, these factors provide clear funding and cash flow visibility through the initial phase of our program.

總結而言，主要資金來源已大致到位。剩餘資本承諾採分期分散安排，且 3 艘 2027 年交付船舶目前已有多年期商業覆蓋，水準預期可保障其現金損益兩平。綜合上述因素，為我們計畫初期階段提供清晰的資金與現金流能見度。

Finally, let's turn to slide 11, which illustrates the operating leverage embedded in our platform under different Capesize rate scenarios. Under the current FFA scenario, our model indicates full year 2026 EBITDA of approximately $138 million, while a stronger market scenario will generate further material upside.

最後，請看第 11 頁，該頁展示在不同海岬型運價情境下，我們平台所蘊含的營運槓桿。在目前 FFA 情境下，我們模型顯示 2026 全年 EBITDA 約為 1.38 億美元；若市場更強，將帶來進一步顯著的上行空間。

As freight rates improve, a significant portion of incremental revenue flows through to EBITDA and cash flow, enhancing our capacity to provide shareholder returns while funding the modernization of our fleet. Importantly, approximately 55% of our second half days are already fixed at attractive rates, providing meaningful protection under more moderate market scenarios.

隨著運價改善，增量營收中有相當比例將轉化為 EBITDA 與現金流，提升我們在資助船隊現代化的同時回饋股東的能力。重要的是，我們下半年約 55% 的營運天數已以具吸引力的費率鎖定，於較溫和的市場情境下提供有意義的保護。

I will now turn the call back to Stamatios for a discussion of the Capesize market outlook and broader industry fundamentals. Stamatios, please go ahead.

接下來我將把電話會議交回給 Stamatios，請他討論海岬型市場展望以及更廣泛的產業基本面。Stamatios，請開始。

Thank you, Stavros. The Capesize market remained strong throughout the second quarter of 2026 with the BCI averaging approximately $36,300 per day, bringing the first half average to approximately $29,600 a day. The strong trend has clearly carried over to the third quarter of the year with July BCI average being close to $35,000. Asset values responded accordingly with brokers reporting that secondhand Capesize prices increased by approximately 16% during the first half of the year.

謝謝你，Stavros。2026 年第二季海岬型市場全程維持強勁，BCI 平均約 36,300 美元/日，使上半年平均約為 29,600 美元/日。此強勢趨勢顯然延續至第三季，7 月 BCI 平均接近 35,000 美元。資產價值亦相應反映，經紀商指出上半年二手海岬型船價格上漲約 16%。

Effective vessel supply remains constrained by a combination of slower sailing speeds, elevated bunker prices due to the war and an active dry dock schedule, all of which reduced available capacity while cargo volumes remain very healthy. Although geopolitical developments continue to create uncertainty, the underlying demand picture has so far remained very resilient.

有效船舶供給仍受限於多項因素的組合，包括航速放緩、因戰爭導致的燃油價格高企，以及活躍的進塢維修排程；上述因素在貨量仍相當健康的情況下，降低了可用運力。儘管地緣政治發展持續帶來不確定性，但迄今為止，基礎需求面仍展現高度韌性。

Having said this, let us please turn to next slide to take a closer look at Capesize demand. Iron ore. China's iron ore imports increased by 6.3% year-over-year in the first 6 months of 2026, while June, in particular, setting a new monthly record. Demand for high-quality imported iron ore remains high with policies focusing on capacity normalization and environmental efficiency.

話雖如此，請大家翻到下一頁，更深入檢視海岬型需求：鐵礦石。2026 年前 6 個月，中國鐵礦石進口量年增 6.3%，其中 6 月更創下新的單月紀錄。對高品質進口鐵礦石的需求仍然強勁，相關政策聚焦於產能常態化與環境效率。

At the same time, Simandou continues to ramp up, while Vale has reaffirmed its production guidance for the year. Together with the continued production outlook from Rio Tinto and BHP, these developments support a favorable long-term demand outlook for Capesize vessels. Increasing Atlantic Basin exports are expected to enhance ton-mile demand because of the longer sailing distances involved. Bauxite. Turning to bauxite.

同時，Simandou 持續加速增產，而 Vale 也重申其今年的產量指引。再加上力拓（Rio Tinto）與必和必拓（BHP）持續的產量展望，這些發展共同支撐了海岬型船（Capesize）長期需求展望偏正面的看法。預期大西洋盆地出口增加將因航程距離較長而提升噸海里需求。鋁土礦。接著談鋁土礦。

This trade continues to be one of the strongest structural growth drivers for the Capesize market. China's imports rose by 18% in the January to May period, reflecting continued growth in the use of imported bauxite in China's alumina smelters. Short-term uncertainty about Guinean bauxite export policy may create some volatility, but we remain optimistic about cargo volume in the second half of 2026 based on the sound demand drivers. Coal.

此一貿易仍是推動海岬型市場結構性成長的最強動能之一。中國在 1 月至 5 月期間的進口量上升 18%，反映中國氧化鋁冶煉廠對進口鋁土礦的使用持續成長。短期內，幾內亞鋁土礦出口政策的不確定性可能帶來一些波動，但基於穩健的需求驅動因素，我們仍對 2026 年下半年貨量保持樂觀。煤炭。

Finally, coal trade has remained resilient despite expectations of a structural decline in the recent years. Energy security continues to be a priority across many regions, while warm weather has supported summer electricity demand. Looking ahead, uncertainty surrounding natural gas inventories ahead of the winter could provide additional support for thermal coal demand.

最後，儘管近年市場預期煤炭貿易將出現結構性下滑，煤炭貿易仍展現韌性。能源安全在多個地區仍是優先事項，而溫暖天氣也支撐了夏季用電需求。展望未來，冬季前天然氣庫存的不確定性，可能為動力煤需求提供額外支撐。

Chinese coal imports increased during the first half of the year, and we expect import demand to remain healthy during the second half, supported by relatively slower domestic production and the potential easing of export restrictions in Indonesia. More broadly, global coal loadings have also continued to increase, while evolving trade patterns may contribute to longer sailing distances and additional fleet inefficiencies, both of which are supportive of the dry bulk shipping.

中國煤炭進口在上半年增加，我們預期下半年進口需求仍將維持健康，主要受國內產量相對較慢以及印尼可能放寬出口限制所支撐。更廣泛而言，全球煤炭裝船量也持續增加，而貿易格局的演變可能導致航程距離拉長與船隊效率進一步下降，兩者皆有利於乾散貨航運。

Overall, as we enter the seasonally stronger second half, the demand outlook for Capesize market remains constructive across our three core cargoes. Turning to the next slide now in order to look at the Capesize supply before concluding our prepared remarks and handing over the call for questions. Looking at the supply side, the backdrop remains very positive for the balance of 2026 as the headline fleet growth of 2.4% likely overstates actual effective supply growth due to several factors.

整體而言，隨著我們進入季節性較強的下半年，海岬型市場在三大核心貨種上的需求展望仍偏建設性。接下來我們看下一張投影片，在結束我們的準備發言並將電話交給提問前，先檢視海岬型供給。從供給面來看，2026 年剩餘期間的背景仍非常正面，因為名目船隊成長 2.4% 可能高估了實際有效供給成長，原因在於多項因素。

Firstly, about one out of every five Cape vessels on the water today was built between 2010 and 2012. It means that roughly 20% of the world fleet goes through dry docking surveys in 2026 and 2027. As we'll be renewing our fleet, many owners will need to decide whether to spend more money on 15-year-old tonnage for dry docks.

第一，目前在營運中的海岬型船約每五艘就有一艘建於 2010 至 2012 年。這意味著全球船隊約 20% 將在 2026 與 2027 年進行乾塢檢驗。隨著我們更新船隊，許多船東將需要決定是否要在 15 年船齡的船舶上投入更多資金進行進塢。

Secondly, geopolitical disruptions and the aging of the world fleet have increased slow steaming, further limiting available vessels. While we wish that the geopolitical situation improves soon, fleet aging amidst stricter environmental regulations is a longer-term story that is likely to continue in the same direction over the next years.

第二，地緣政治干擾與全球船隊老化提高了慢速航行（slow steaming）的程度，進一步限制可用船舶。雖然我們希望地緣政治情勢能盡快改善，但在更嚴格的環保法規下，船隊老化是一個較長期的趨勢，未來幾年很可能仍將朝同一方向發展。

As a result, we expect that the effective fleet growth will, in fact, continue to be slower than what is suggested by anticipated vessel deliveries, which even in its nominal form remains quite low compared to other sectors of shipping. Longer term, the low order book compared to the fast rate of vessel aging suggests that by 2030, almost one out of every four Capesizes on the water will be older than 20 years, even after accounting for newbuilding deliveries. Limited shipyard availability further restricts future supply, supporting a constructive outlook.

因此，我們預期有效船隊成長實際上將持續低於預期交船量所暗示的水準；即便以名目來看，交船量相較其他航運子產業也仍相當低。長期而言，相較於船舶老化速度，偏低的訂單量顯示到 2030 年，即使計入新造船交付，水上營運的海岬型船中仍將幾乎每四艘就有一艘船齡超過 20 年。有限的船廠產能也進一步限制未來供給，支撐偏正面的展望。

The Capesize market remains very strong for the next years. And as mentioned earlier in the call, Seanergy maintains downside protection for 2026 and a percentage of 2027 at highly profitable daily rates, which we believe places us in a very good position to navigate the future.

海岬型市場在未來幾年仍將非常強勁。如同我們先前在電話會議中提到的，Seanergy 已以高度獲利的日租金水準，為 2026 年以及 2027 年的一部分建立下檔保護，我們相信這使我們處於非常有利的位置以因應未來。

Conclusion. To conclude, Seanergy enters the remainder of 2026 from a position of strength, supported by record earnings, meaningful forward visibility, disciplined capital allocation and a modernizing fleet. We are delivering record earnings, a 75% dividend increase with 19 straight quarters of cash distributions.

結語。總結而言，Seanergy 以強勢姿態進入 2026 年剩餘期間，受惠於創紀錄的獲利、具意義的前瞻能見度、紀律性的資本配置以及持續現代化的船隊。我們正交出創紀錄的獲利、股利提高 75%，並已連續 19 季進行現金分配。

In addition, $591 million committed to modern ships, majority already funded and the 2027s mostly chartered. We are focused on the strongest asset class in a prudent and highly rewarding manner. On this note, I would like to turn the call over to the operator to take any questions you may have. Operator, please take the call. Thank you.

此外，我們已承諾投入 5.91 億美元於現代化船舶，其中多數已完成資金安排，且 2027 年交付的船舶大多已完成租約。我們以審慎且高回報的方式聚焦於最強的資產類別。基於此，我想把電話交給接線員，請其接收各位可能有的提問。接線員，請開始。謝謝。

(Operator Instructions)

（接線員指示）

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Stamatios, Stavros, how are you today?

Stamatios、Stavros，你們今天好嗎？

Morning, Liam. Very nice to hear from you. Thank you. Everything is fine. I hope the same with you.

早安，Liam。很高興聽到你的聲音，謝謝。一切都很好。也希望你一切順利。

It is. Good to hear from you, too. Stavros laid out a capital source with debt as you look at your funding requirements for the new build. But when I factor in your cash flows and what looks to be a sustainably elevated rate environment, I can't help but think that there could be a lot more cash equity put into the new builds? Or would you prefer to continue to use leverage and then use that cash for dividend or further increasing your fleet growth?

是的。我也很高興聽到你的聲音。Stavros 在談到新造船的資金需求時，提出以負債作為資金來源。但當我把你們的現金流，以及看起來可持續的高運價環境納入考量時，我不禁覺得新造船可能可以投入更多現金股本？還是你們會偏好持續使用槓桿，然後把現金用於股利或進一步擴大船隊成長？

Well, that's kind of obvious. Yes, we're not factoring in for the increased cash flow coming in from operations. This is on an as-is basis without factoring in positive cash flows and goes without saying that it's going to be for contingency purposes. We're just going to remain and maintain a conservative approach. Our capital allocation is pretty much evident now that we increased the dividend.

嗯，這其實很明顯。是的，我們並未把營運帶來的增加現金流納入計算。這是以現狀為基礎、未計入正向現金流的情境；不用說，這主要是為了預備用途。我們將維持並堅持保守的做法。從我們提高股利可以看出，我們的資本配置方向已相當明確。

We, of course, have room to increase it further in the following quarters once we have visibility for 12 months forward later in November when we announce Q3. But for the time being, we like the fact that we're very comfortable with the current order book that we have. Maybe we do a couple more. And then we will continue rewarding our shareholders, which is our top, top priority, as you can see here.

當然，一旦我們在 11 月公布第三季（Q3）時，能取得未來 12 個月的能見度，我們在接下來幾季仍有空間進一步提高股利。但就目前而言，我們很滿意並且很安心於現有的訂單量。也許再做幾艘。然後我們會持續回饋股東，這是我們最、最優先的事項，正如各位在這裡所看到的。

Okay. And on the supply side, I mean, you pointed out the number of vessels at a certain age. The supply side of the Capesize story seems to be driving a lot of leverage where demand is inordinately high this year, but sustainable. We're looking at a multiyear up cycle in terms of sustainability of rates based on -- just the tight supply of Capesize vessels. Is that the way -- right way to think about it beyond '26?

了解。再談供給面，你提到某個船齡區間的船舶數量。海岬型供給面的故事似乎帶來很大的槓桿效應：今年需求異常強勁，但仍具可持續性。基於海岬型船供給緊俏，我們看到運價可持續性的多年度上行循環。這樣理解在 2026 年之後是否正確？

That's an excellent way to think about it. Yes, of course. While we have visibility until the first half of 2030, we can see that there is limited order book coming in. And at the same time, we have a very aging fleet, which gets older and older and the survey requirements will get more and more steeper and demanding. So for the time being, we are very, very conservative.

這樣想非常正確。是的，當然。雖然我們的能見度可看到 2030 年上半年，但我們可以看到新增訂單量有限。同時，船隊非常老化，且會愈來愈老，檢驗要求也會愈來愈嚴格、愈來愈具挑戰性。因此就目前而言，我們非常、非常保守。

We will, of course, revisit this approach in the following years once we have the ability to see how that order book develops post 2030. But what can I say here is that the Capesize order book appears to be the lowest amongst many, many other vessel types, not just the dry bulk, which, of course, is the lowest. But if you look at tankers, containers, LNGs and all that, we're doing about 40% to 50% order book versus the current fleet. Capesize is a mere 12% to 15% if at all, and you have a very aging fleet. So there's no comparison into the fundamentals of the Capesize segment in the following years.

當然，一旦我們在未來幾年有能力觀察 2030 年之後訂單量如何發展，我們會再檢視這個做法。但我可以說的是，海岬型的訂單量看起來是眾多船型中最低的之一，不僅僅是在乾散貨（本來就是最低）之中。若你看油輪、貨櫃船、LNG 船等等，訂單量大約是現有船隊的 40% 到 50%。海岬型僅約 12% 到 15%（如果有的話），而且船隊非常老化。因此，未來幾年海岬型船市場的基本面沒有可比性。

Thank you.

謝謝。

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

Hi, good day. Thank you and congratulations on the EUR100 million bond offering, and I see it's trading above par here, too, and you mentioned 2x oversubscribed. I should you -- can you go with that back to that market right away? Or are there other offsetting considerations to make you return for another bond offering there? Please, to start.

嗨，日安。謝謝，也恭喜完成 1 億歐元的債券發行；我也看到目前交易價格高於面額，而且你提到超額認購 2 倍。我想問你——你們能否立刻再回到那個市場發行？或者是否有其他相抵的考量，讓你們不急著再做一次債券發行？先從這點開始。

Good morning, Tate. Again, great to hear from you. We feel very happy with the level of funds we have raised in the Greek market, given the strong support and the fact that we have a very good performance of the bond trading there after the initial offering. We are not looking for anything additional right now.

早安，Tate。也很高興再次聽到你的聲音。鑑於市場的強力支持，以及債券在首次發行後於希臘市場的交易表現非常好，我們對在希臘市場募集到的資金水準感到非常滿意。我們目前不尋求任何額外資金。

We might consider some other solutions in the Greek market, but nothing imminent in the next, let's say, six months to a year. We will remain in a very comfortable cash flow position coming from operations as well as the cash buffers of the company -- coffers of the company, which are at excellent levels and very happy to fund the existing investment program.

我們可能會考慮在希臘市場的其他方案，但在接下來大約六個月至一年內，沒有任何迫切計畫。我們將維持非常舒適的現金流狀況，來源包括營運現金流以及公司現金緩衝——公司金庫水位也非常充裕，足以讓我們很愉快地為既有投資計畫提供資金。

So, so far, we're very content and we're just going to remain still for the time being, maybe add a couple of additional quality and selective potential acquisitions in Q3 and Q4, but we will see about that in the next months.

因此，到目前為止我們非常滿意，短期內會先按兵不動；也許在第三季與第四季再增加幾項高品質且具選擇性的潛在收購，但我們會在接下來幾個月再觀察。

Yes. And a follow-up on that. I think you said Stavros, during the prepared remarks about the financing margin about 2.2% with SOFR implies a net debt cost before this offering about 5.8%. Are there -- just for modeling purposes, are there other considerations, maybe FX currency swaps or the offering or how should we forecast interest expense going forward?

是的。再追問一下。我想你在事先準備的發言中提到，Stavros，融資利差約 2.2% 加上 SOFR，意味著在這次發行之前的淨負債成本約 5.8%。就建模而言，是否還有其他考量，例如外匯貨幣交換、或本次發行本身的影響？我們應該如何預測未來的利息費用？

Look, I mean, the recent financings that we have concluded are concluded at a margin, which is far below 2%. It's closer to 1.70%. So basically, some of the legacy facilities that are being gradually refinanced that maintain higher margins, closer to 2.5% that drive the weighted average margin up.

你看，我是說，我們最近完成的融資，其利差遠低於 2%，更接近 1.70%。所以基本上，是一些正在逐步再融資的既有融資安排仍維持較高的利差，接近 2.5%，把加權平均利差拉高。

But I mean for modeling purposes, you can assume that every new financing is priced at around 1.70%, 1.80%. Now when it comes to the EUR100 million bond offering, I mean, we have not proceeded yet with any hedging arrangements when it comes to the coupon and what have you. But in dollar terms, you should model around 100 basis points or 120 basis points over the euro coupon. That's how you should see it.

但就建模而言，你可以假設每一筆新的融資定價大約在 1.70%、1.80%。至於 1 億歐元的債券發行，我是說，我們目前尚未就票息等進行任何避險安排。但以美元計，你應該建模為在歐元票息之上約 100 個基點或 120 個基點。你應該這樣看待。

I see. Okay. And then just one more for me, please, on the profit sharing contract arrangements for the three vessels, I think you said. I mean, can you talk about -- is that a new dynamic in the market versus historically? And then what is in the interest of the counterparties to agree to that profit sharing arrangement, please?

了解。好。那我再問最後一個，關於你提到的三艘船的利潤分成合約安排。我是說，你能談談——相較於過去，這是否是市場上的新動態？另外，對手方同意這種利潤分成安排的利益點是什麼？謝謝。

Well, first of all, we offered them some great ships and very strong deliveries in 2027. So that by itself has a very strong value. We have decided not to be greedy on the base rate because we feel comfortable that we will see very strong rates in 2027. We wanted to cover our all-in breakeven cost together with a nominal profit, and this is what the $23,100 represents. But as you can see, we have a full upside between the floor and the ceiling.

嗯，首先，我們提供給他們的是很棒的船，而且在 2027 年交付非常有保障。這本身就具有很高的價值。我們決定在基本租金上不要太貪心，因為我們有信心 2027 年會看到非常強勁的運價。我們希望涵蓋我們的全包損益兩平成本，再加上一個名目利潤，而這就是 23,100 美元所代表的。但如你所見，在下限與上限之間，我們保有完整的上行空間。

And then thereafter, we have 50-50 profit sharing on top of that. We didn't want to be greedy. We'd like the fact that we operate with long-term partners, some of them existing, some of them new, but in very good relationship and chemistry between us. So we start with that, and we'll see about the rest of the order book, how we're going to fix the commercial approach. But this is pretty much the ballpark figures and levels you should be expecting for the fourth ship as well, maybe a little bit of a premium. And we'll see about '28 and '29 at a later stage.

之後，在此之上我們採取 50-50 的利潤分成。我們不想太貪心。我們喜歡與長期合作夥伴一起運作的方式，其中一些是既有夥伴，一些是新夥伴，但我們之間的關係與默契都非常好。所以我們先從這樣開始，至於其餘訂單簿，我們會再看要如何確定商業策略。不過，這大致就是你對第四艘船也應該預期的區間與水準，可能會有一點溢價。至於 2028 年和 2029 年的部分，我們會在之後的階段再看。

Okay. Understood that. And are these are the first cost structure of this sort that you've done at Seanergy?

好的，明白了。那這種成本結構的安排，是你們在 Seanergy 首次採用嗎？

Yes. The first with base and ceiling and then profit sharing thereafter. That's the first one. And again, you see some other structures with just the base and profit sharing above that. We like the way that this is structured more than other people. So we're just going to follow this path if we can in the next commercial arrangements as well.

是的。這是第一次採用有底價與上限，之後再進行利潤分成的結構。這是第一筆。當然，你也會看到其他一些結構是只有底價，然後在其上做利潤分成。我們更喜歡這種結構勝過其他人的做法。所以如果可以的話，我們接下來的商業安排也會沿著這條路走。

Mark Reichman, NOBLE Capital Markets.

Mark Reichman，NOBLE Capital Markets。

I was wondering if maybe Stavros could just kind of do a walk-through on the new build program. And what I'm thinking of is, so if we start at the $591 million, so you can fund that with cash, your cash balance, operating cash flow, proceeds from sale of vessels or additional debt.

我想請 Stavros 針對新造船計畫做個簡要說明。我在想的是，如果我們從 5.91 億美元開始，你們可以用現金、現金餘額、營運現金流、出售船舶所得，或額外舉債來支應。

So what remains? And can you just kind of walk me through the financing? I mean, where would debt top out? If you were going to take on more debt, would you expect unsecured financing to become a larger component of the capital structure? And if so, how might that affect your long-term leverage targets and cost of capital?

那麼還剩下什麼？你能否帶我走一遍融資安排？我是說，債務會增加到什麼程度？如果你們要承擔更多債務，是否預期無擔保融資會成為資本結構中更大的組成？如果是，這可能會如何影響你們的長期槓桿目標與資金成本？

Thanks, Mark. Look, there are a couple of things you should factor in here. First of all, as Stamatios said before, the graph that we are presenting in page 10 is illustrative and mainly what we want to illustrate here is a contingency planning kind of scenario and prove basically that we don't need to raise any equity to support the newbuilding program. I mean even if the company would break even from now until the end of 2029, would realize zero excess cash flow. The program is already fully funded.

謝謝你，Mark。你看，這裡有幾點你應該納入考量。首先，如同 Stamatios 先前所說，我們在第 10 頁呈現的圖表是示意性的；我們主要想說明的是一種應急規劃的情境，並基本上證明我們不需要為了支持新造船計畫而增發任何股權。也就是說，即使公司從現在到 2029 年底都只是打平、沒有任何超額現金流，這個計畫也已經是完全到位資金支持的。

We don't need any more funds for that. Now as Stamatios noted before, of course, as more -- as the operating cash flow and the free cash flow of the company increases, you should expect more equity to come in on the newbuildings. At the same time, we have the existing debt on the existing fleet is amortizing at a very fast pace.

我們不需要為此再募集任何資金。當然，如同 Stamatios 先前指出的，隨著公司的營運現金流與自由現金流增加，你應該會看到更多股權資金投入到新造船。同時，我們既有船隊上的既有債務也正以非常快的速度攤還。

So you will have a concurrent deleveraging effect on the older ships and then a bit of a higher or I mean, more than 50% or more than 60% kind of loan-to-value in the newbuildings, but it will average down. So you shouldn't expect the loan-to-value of the company and the leverage ratio the way to basically change in the way we have been approaching it over the recent years.

因此，你會同時看到舊船的去槓桿效果，然後新造船可能會有較高的——我是說，超過 50% 或超過 60% 的貸款價值比（loan-to-value），但整體會被平均拉低。所以你不應該預期公司的貸款價值比與槓桿比率會以我們近年來的做法為基礎而出現根本性的改變。

That's very helpful to my understanding. And then just lastly, I mean, obviously, the key market fundamentals have been very strong. Rates have strengthened throughout the first half. And I don't know, I kind of see that continuing into 2027. I know most of the companies really kind of provide the most visibility through the end of 2026.

這對我理解非常有幫助。最後一個問題：顯然，關鍵的市場基本面一直很強，上半年運價持續走強。我不知道，但我覺得這種趨勢可能會延續到 2027 年。我知道多數公司通常只會提供到 2026 年底的能見度。

But I guess the question would be kind of how sustainable do you think these market conditions are through '27 and '28? And what indicators are you kind of watching most closely for signs of either further strengthening or softening?

但我想問的是，你認為這些市場狀況在 2027、2028 年有多可持續？你們最密切關注哪些指標，以判斷是否會進一步走強或轉為走弱？

Well, the biggest concern -- potential concern is the oversupply of newbuildings. So far, the visibility we have until the second half of 2029 appears that the newbuilding order book remains at very low levels compared to the other dry bulk types as well as the other ship vessel categories.

嗯，最大的擔憂——潛在的擔憂——是新造船供給過剩。就目前我們看到直到 2029 年下半年為止的能見度，新造船訂單簿相較於其他乾散貨船型以及其他船舶類別，仍維持在非常低的水準。

So as long as the vessel supply of newbuildings remains low, we are not concerned about the market because demand appears to be quite strong as it has been for the last 30 years. So demand is never an issue. It's always a matter of supply and oversupply.

所以只要新造船的船舶供給維持偏低，我們就不擔心市場，因為需求看起來相當強勁，過去 30 年一直如此。需求從來不是問題，永遠都是供給與供給過剩的問題。

The order book limitations is evident. The shipyards are pretty much overbooked with other vessel types. So the capacity to build additional Capesize and Newcastlemax is nonexistent for the next 3, 3.5, even 4 years. So as far as that is concerned, we are not really worried about the market fundamentals because, as I mentioned before, demand is always resilient and has been going up for the last 25 to 30 years.

訂單簿受限是很明顯的。船廠基本上已被其他船型的訂單塞滿。因此，在未來 3 年、3.5 年，甚至 4 年內，新增建造更多海岬型（Capesize）與 Newcastlemax 的產能幾乎不存在。就這點而言，我們並不太擔心市場基本面，因為如我先前提到的，需求一向具有韌性，且在過去 25 到 30 年持續成長。

But do you think in terms of the rates, you're always going to have that seasonality in the freight rates. But I mean, the demand is always there. So we've had rising demand and like you mentioned, a constrained supply. But do you see the demand continuing to strengthen? I mean, do you see freight rates kind of leveling off at some point? Or do you think there's still enough of a disconnect between supply and demand that we could see it actually strengthen into 2027 freight rates strengthened?

但就運價而言，你們總是會看到運價的季節性。我是說，需求一直都在。所以我們看到需求上升，且如你提到的，供給受限。但你認為需求會持續走強嗎？我是說，你覺得運價在某個時間點會趨於持平嗎？還是你認為供需之間仍有足夠的落差，使得我們可能看到運價在 2027 年進一步走強？

Absolutely. I mean the market is always volatile because of outside factors like geopolitics, like congestions, like a number of other factors that really affect the short term. But as far as the long term forward 12 to 18 or even 24 months, it's always going to average out and in our opinion, remain at pretty healthy level. So we are not worried about the downside. There might be volatility short term, but this is the nature of the game.

絕對是。我是說，市場總是會因為地緣政治、港口擁堵等外部因素，以及其他一些真正影響短期的因素而波動。但就較長期、往前看 12 到 18 個月，甚至 24 個月而言，市場終究會平均化，而在我們看來，將維持在相當健康的水準。所以我們不擔心下行風險。短期可能會有波動，但這就是這個產業的本質。

This is shipping, especially larger sizes appear to be more volatile. But to the way that we can foresee the market for the next few years, regardless of any potential drops, there are always going to be rises and it's going to average up quite healthy.

這就是航運，尤其是較大型船舶看起來波動性更高。但就我們對未來幾年的市場展望而言，不論是否出現任何潛在下跌，總會有上漲，整體平均水準會相當健康。

Thank you very much. That's very helpful. I appreciate that. Thank you.

非常感謝。這對我很有幫助。我很感激。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。各位講者請稍候。